Stewardship News

Right to left: Sandra Guerra (Better Governance), Mauro Cunha (Amec), Hector Lehuedé (OECD) and Miguel Ferré (GCC), during the Latin American Roundtable on Corporate Governance, in Argentina
Amec introduces Stewardship Code during OECD annual event
On June 12 and 13, Argentina played host to the 2018 Meeting of the Latin American Corporate Governance Roundtable, organized by the Organization for the Economic Cooperation and Development (OECD) on a yearly basis. Amec participated in the panel “Transparency for institutional investors and proxy advisors: stewardship codes versus regulatory disclosure requirements”.  Amec’s CEO, Mauro Rodrigues da Cunha, shared the roundtable with Hector Lehuedé, Senior Policy Analyst, OECD, Miguel Ferré, Vice-president, Global Corporation Center – a partnership between IE Business School and EY Foundation, and Sandra Guerra, Managing Partner, Better Governance.
During the panel, Mr. Ferré talked about the regulatory innovations in Europe, mainly after the implementation of the new European Shareholder Rights Directive, and its consequences for fund managers. One of the main points of the new regulatory milestone is that member states must regulate the way managers in their jurisdictions will meet their stewardship obligations.
Yet Mr. Lehuedé introduced the draft of an academic paper developed in partnership with the Institute of Corporate Secretaries and Administrators – ICSA – about the deeper engagement between investors and listed companies.
Amec’s CEO presented the background of the Amec Stewardship Code. Among the topics, Mr. Cunha addressed the challenges in implementing the Code and the opportunity to share the experience with other Latin American countries as the Amec Code is the only Stewardship milestone in the continent.
Read more about the event in the Latest News session below.
 
Efama publishes new stewardship code
The European Fund and Asset Management Association (Efama) published the new version of its Stewardship Code, with principles, monitoring, voting and engagement guidelines for fund managers. The document is the result of the revision of Efama Code of External Governance, in line with the Revised Shareholder Rights Directive – published on May, 2017. EU member countries must adopt the document by June, 2019.
Based on the “comply or explain” system, the new code highlights how fund managers, through their management bodies, can encourage the best management practices. The scope of the chapter about the engagement with invested companies was updated and now includes environmental & social, compliance, culture & ethics and capital structure issues.
Check here to read the full document.